If the days when a woman had to wait for a man to buy her a diamond ring are over (buh-bye the patriarchy!), is the evolution in mentalities also shifting from natural mined diamonds to those produced in a lab? Let’s find out what’s happening in the scintillating world of diamond jewelry.
Jewelry as Symbol of Independence
Today, diamond rings and similar pieces of event-marking jewelry are still strong symbols of love. But there’s a new twist. These pricey pieces also represent self-love, empowerment and independence. The secret’s out: Women are buying themselves their own luxury items with their hard-earned cash riding on professional success.
The diamond industry knows this, as indicated by the recent “For Me, From Me” campaign from 2019. Right-hand diamond rings (the ones women purchase themselves that are also called “power rings”) are part of this burgeoning trend to commemorate a big achievement such as graduating college, getting a promotion at work, buying a home, launching a company, or hitting a milestone birthday, while acting as symbols of independence and influence. Women self-purchase of diamond jewelry represents one third of all diamond jewelry in North America, in a market that grew 97 billion in 2021 to $551.91 billion in 2022 at a compound annual growth rate (CAGR) of 9.5%.
Although impressive, these figures are for mined diamonds only. Stats for lab-created diamonds are also expanding. The reason? The market is steadily gaining ground because of concerns over questionably- or unethically sourced diamonds. In the last year, there has been a 63% increase in engagement rings featuring lab-grown diamonds. During that same time, engagement rings featuring a natural diamond saw a 25% decrease in sales. Something to ponder.
Ethically Sourced Luxury
It appears that the appeal of lab-sourced diamonds is greater for younger generations of consumers — Gen Z and Millennials, here’s looking at you — because of growing concerns for the state of the environment and finding more sustainable alternatives to fashion and accessories choices.
Unlike cubic zirconia and moissanite, which both only simulate diamonds, current lab-produced diamonds are identical in physical, chemical and optical characteristics as naturally occurring mined diamonds. The only difference is that they are produced in labs using an accelerated process, rather than the billions of years (yes, billions!) it takes the earth to transform carbon into dazzling crystal formations known as diamonds we cut and polish to wear as high-priced adornment.
Quebec-based Groupe RSL is the first company to produce lab-grown diamonds in Canada, and is currently marketing big-carat shiny stones for the premium jewelry market.
Most lab-grown diamonds are created using a process called chemical vapour disposition, or CVD. A tiny diamond “seed” is placed in a tightly controlled environment where the rough diamond is produced, atom by atom, layer by layer, recreating a diamond’s natural growth process. Within several weeks a pure carbon diamond is made, one that is identical to a rough mined diamond.
Just like natural-occurring diamonds, these rough diamonds are then sent off to experts where they are cut, polished and graded exactly like all mined diamonds are. The result is stunning prized diamonds in colour (even the coveted pink diamonds) and size combinations that are used in fine jewelry.
And, unlike mined diamonds that are sometimes questionably sourced, lab-grown diamonds are socially responsible fine gems of the highest quality and purity, with virtually no environmental impact. And like their natural counterparts, lab diamonds can also be certified by an independent organization, such as IGI (International Gemological Institute) to verify the quality of the stone such as carat, clarity, and cut.
In terms of price, a one-carat round very brilliant lab-grown diamond will cost between $2,000 to $3,000. The naturally mined one is usually sold between $7,000 to $9,000.
Where to Buy Them
As consumers increasingly want alternatives to traditional mined diamonds, retailers are taking notice. For example, Pandora, the world’s largest jewelry retailer, recently launched a new collection of lab-created diamond jewelry in its Canadian stores. People’s Jewellers is also in the process of switching gears, and now offers large assortments of bridal and engagement rings made with lab-produced diamonds. Some are even designed by big names such as Vera Wang, a well-known designer for bridal wear.
Online, the offer is becoming more and more robust, as well, with consumers no longer hesitant to purchase luxury goods. Yes, even on Instagram shops.
Canada has its fair share of local high-end jewelry shops offering lab-produced diamonds, such as Luxury Diamonds in Vancouver, Polar Diamonds in Edmonton, and Ecksand in Montreal. Whatever you’re in the mood for, just remember a diamond is forever. Even if it was made in a lab.
